Essentially, I have found at least 12 Basic Reasons why someone can’t or won’t file for bankruptcy. There are many reasons under the Bankruptcy Code why someone can’t file a Chapter 7 bankruptcy petition. But let’s say that you qualify for filing a bankruptcy petition, but you elect not to file.
After you have been informed of all the pluses and minuses of filing bankruptcy or using debt management or debt settlement, you have to make the final choice. If you elect a non-bankruptcy option, then you should be assisted in a non-bankruptcy option which is actually more involved than the filing of what is called a ‘Straight Chapter 7 Bankruptcy Petition’.
Why is it more evolved? The reason is that you don’t have the protection of the Automatic Stay of the Bankruptcy Court when dealing with creditors and your financial affairs will take considerably longer than 90 days to settle.